Tax monitoring is form of tax administration and control that is new to Russia and based on the principles of transparency and trust between taxpayers and tax authorities. It replaces traditional audits with online interaction based on report access to the taxpayers information systems.
As of 2019, more than 40 major companies have already transferred to tax monitoring, 18 of them this year. Tax monitoring implies additional opportunities and advantages for participants, including:
the company not having to undergo field and in-office tax audits;
rapid period closing from the perspective of tax audits;
an opportunity to receive «reasoned opinions» from the tax authority on matters of dispute relating to taxation of completed and future operations of the company, which, if followed, will release the company from fines and penalties.
Current participants in the tax monitoring system and representatives of the FTS of Russia in charge of the given sphere of FTS work will, as part of the presentation session, present and discuss the following topics:
The key difference between tax monitoring and other forms of tax administration. What are the advantages for the taxpayer and the tax authority?
How to prepare for participating in tax monitoring and how fast can the transfer to it be? What are the readiness criteria?
Typical difficulties encountered by companies in preparing to transfer to tax monitoring
Prospects for further improvement of the legislation on tax monitoring